Jersey To Hike Investment Business Fees

The Jersey Financial Services Commission has issued a consultation paper on proposals to increase regulatory fees for investment businesses.

The Commission proposes the following increases for this year:

An increase to the base fee charged to each Class A, B, or C registered person from GBP1,760 (USD2,500) to GBP2,650 (USD3,750) and the base fee charged to each Class D registered person from GBP1,630 (USD2,320) to GBP2,450 (USD3,485); and

An increase, subject to rounding, by five percent to all other aspects of the investment business fee tariff.

The proposals affect those persons registered under the Financial Services (Jersey) Law 1998 conducting investment business, and persons that are issued with an investment business registration certificate after May 1, 2016.

The Commission has invited comments in writing from interested parties on the proposed fee increase. Comments should be received by either Jersey Finance or the Commission no later than April 8, 2016.

Following this consultation, the Commission will publish feedback and the final investment business Fees Notice. The fees will be payable by May 1, 2016.

The Commission highlighted that fees are to be charged based on investment employee numbers at April 1, 2016, so registered persons should retain this information.

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